We look forward to closing the Hollywood transaction promptly. With a broader geographic presence and greatly improved distribution capabilities and scale, our combined company will be a strong competitor.
Fiscal 2005 was a challenging year for the industry and our company primarily due to a weak box office and, to a lesser extent, the continued growth of various alternative entertainment options and new technologies.
We have already made great progress in reducing costs and enhancing efficiency. Today's announcement will further our efforts to create value for shareholders and better position Movie Gallery for long-term success.
I purchased the place due to its beauty and history. I am very sad about the loss. It could not be replaced.
The loss is tragic since it was reportedly the oldest home on the Mississippi Gulf Coast. It was one of the few homes not damaged by Hurricane Camille in 1969.
Rental revenues have continued to decline over the last several months, and the market weakness we are currently experiencing has been more severe and longer lasting than anticipated.
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